BTC dropped to 26,260 USD by Friday. The weekly decline amounts to 10.6%, with the main drop occurring within the last 24 hours.
Amidst the bearish seasonal cycle, there was enough spark to ignite a fire. The spark was initiated by the publication in Bitcoin Magazine, reporting that Space X had sold all its bitcoins or the sum of 373 million USD.
The post went viral, garnering an immense number of views.
Subsequently, journalists began analysing the available information and concluded that the data might not be true. According to open sources, Space X has not divested its BTC holdings.
In on way or another, the sell-off has occurred, and the market was sufficiently prepared. Has the crash come to an end? Unlikely. The downturn might continue all weekend until the market emotions are exhausted. The seasonal cycle will shift to a bullish one on 4 September.
The decline in BTC's value prompted sell-offs in altcoins. XRP suffered the most (-23.12%), followed by ADA (-13.10%), SOL (-13.25%), BNB (-10%.71%), and ETH (-9.41%).
The total cryptocurrency market capitalisation dropped to 1.05 trillion USD. The BTC share has decreased to 48.6%, while the ETH share amounts to 19.0%.